Business
Snipp Interactive Announces Proposed Debt Settlement
VANCOUVER, BC / ACCESSWIRE / August 6, 2020 / Snipp Interactive Inc. ("Snipp" or the "Compan...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Announces Proposed Debt SettlementVANCOUVER, BC / ACCESSWIRE / August 6, 2020 / Snipp Interactive Inc. (\"Snipp\" or the \"Company\") (TSXV:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announces that it has reached an agreement (the \"Debt Settlement\") with four officers, two directors and five employees (the \"Related Parties\") to settle an aggregate of $130,000 in debt owed by the Company to the Related Parties for unpaid compensation. The debt will be converted into common shares of the Company (\"Common Shares\") at a price of $0.015 per Common Share, subject to receipt of the approval from the TSX Venture Exchange. It is expected that, upon the completion of the Debt Settlement, subject to receipt of the requisite approvals, the Company will issue 8,666,667 Common Shares to the Related Parties.Any securities issued in connection with the Debt Settlement will be issued in reliance on certain prospectus and registration exemptions under applicable securities legislation and will be subject to a hold period of four months and a day.Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), the Debt Settlement constitutes a \"related party transaction\" as related parties of the Company subscribed for common shares. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101. The Debt Settlement remains subject to final acceptance by the TSX Venture Exchange.About Snipp:Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.Snipp is headquartered in Vancouver, Canada with offices ac...